Consumer Electronics Market to be Worth Nearly $3 Trillion by 2020

The global consumer electronics market is expected to increase at 15.4% CAGR through 2020. Asia Pacific is expected to accounted for nearly one-thirds revenues of the global consumer electronics market.

“Strong competition to capture maximum market share is evident across the smartphone and smart TV sub-segment,” said a Future Market Insights analyst.

In 2014, Samsung Electronics Co. Ltd. dominated the smartphones market with share of 24% in the global consumer electronics market, followed by Apple Inc. The company is anticipated to lose market share due to presence of large number of regional and domestic players across the globe. According to FMI Market Share Analysis, in the smart TVs sub-segment, Samsung Electronics Co. Ltd. secured first position among competitors with a total shipment of 27 Mn units in the global consumer electronics market in 2014, followed by LG Electronics Inc. and Sony Corporation in second and third position respectively. Significant focus towards developing new technologies and innovative advanced products in order to meet changing consumer demand is a trend anticipated to expand market share of Sony Corporation by 2020.

Growth of the global consumer electronics market is driven by increasing disposable income, introduction of technologically advanced devices and decreasing prices of consumer electronics devices. Introduction of innovative connected TVs are also driving demand for televisions in matured economies. Decreasing price of smartphones is a factor fuelling market growth and this trend is expected to continue in the long term. Demand for cameras with interchangeable lens is also increasing significantly. Growth in demand for high-end graphics games is also anticipated to continue to fuel demand for new and advanced gaming consoles over the forecast period.

This report covers drivers, restraints and opportunities driving each segment and respective sub-segments, and offers analysis and insights about the potential of the consumer electronics market in specific regions. By region, the consumer electronics market in Asia Pacific accounted for 28.1% in terms of revenue share in the global market in 2014, and is expected to reach 31.3% by the end of the 2020. North America was the second largest market for consumer electronics in 2014. Economies in Asian countries such as China and India have experienced a boom in the recent past. This presents an added advantage by increasing the buying power of end-users, thereby creating a major market for consumer electronics in the region.